Key Terms For Sellers To Know

For homeowners who have listed their property on the market, there is often a large amount of information to know when trying to sell the home. When working with everyone from real estate agents to lawyers, there are a few terms to understand when working through the process. To become educated as a seller, it’s important to know the meaning of specific terms and how they pertain to real estate.

Here are our 5 key terms for sellers to know:

Staging

Staging a home involves enhancing the property’s appearance by renting furniture or enhancing the design of the landscaping. Sellers often stage a home to allow buyers to imagine themselves living on the property. This includes clearing out clutter, hanging neutral decor on the walls, and enhancing the curb appeal of the space. We recommend creating a serene environment that is clean and cozy.

Bidding War

When two or more buyers are interested in a property they can begin to compete on making the highest offer on the home. This process occurs at a fast pace and can lead to buyer’s remorse due to decisions that are not always thought out ahead of time. Bidding wars are often ideal for sellers because they can sell their home for a higher price than it’s listed at.

Disclosure

This term involves the seller informing potential buyers of any issues that are present on the property before the transaction is completed. This can involve everything from structural issues to leaks in a roof. If any problems are not communicated to the buyer it could lead to legal action after the home is sold.

Exclusive-right-to-sell Listing

A listing contract between the seller and a real estate broker permits the broker to sell the property under specific terms that are made by the buyer. The contract also allows the home to be sold for a specific period of time with the broker earning a commission after selling the property.

Walk-through

A showing of a home where the sellers or agent allow the buyers to tour the property and view different aspects of the space before closing. This ensures that the buyers are satisfied with the home before making the purchase to identify any areas that may need to be repaired. If any defects are identified, it can delay the process of the deal and often requires that any imperfection is fixed before completing the transaction.

Are you looking to sell a home in the Nashville area? DeSelms Real Estate is happy to walk you through the steps and terminology of the home-selling process.